F1® Delta Time: Announcing NFT Staking
A popular use case of blockchain technology in gaming has been the application of in-game Non-Fungible Tokens (NFTs) — cryptographic tokens which verifiably prove the ownership, authenticity and security of an asset. In the case of F1® Delta Time, the official Cars, Drivers, Components, and Circuits are all NFTs.
These F1® Delta Time NFTs are used in the game as core assets for play. They can be sold, bought, and traded on marketplaces. They are assets that belong fully and completely to their owners, and they have some interesting properties, one of which is Staking.
What Is Staking?
Traditionally, staking refers to committing to holding a token for a fixed period, and earning rewards on it. The rewards vary depending on the length of time and the value that was staked.
In F1® Delta Time, staking is a new feature designed to allow owners of Car NFTs to passively generate REV tokens.
What Is the REV Token?
REV Tokens, or REVs, are an ERC-20 token. REVs are the primary currency used in F1® Delta Time, and will have expanded functionality across other Animoca Brands blockchain game products.
REVs have a number of utilities in F1® Delta Time, including serving as the in-game currency used for payment and rewards during races, and to acquire certain items. Like any other in-game currency, the more REVs you own, the more options you will have in the game — whether it is participating in races, buying cars, or upgrading your racing assets.
So what is Staking? Very simply, Staking is a mechanism that allows you to passively generate REVs.
How Does Staking Work?
In F1® Delta Time, Car Collectibles are NFTs and have the ability to generate REVs through the Staking mechanism. When you choose to Stake your NFT, you temporarily transfer ownership to F1® Delta Time and therefore lose the ability to use, race or trade the NFT, but you will earn REVs based on the period of time that your NFT is Staked.
Initially, Staking will be the only way to earn REVs.
Staking rewards are calculated daily. When the owner of an NFT Stakes that NFT, they are entitled to a certain amount of REV based on the NFT’s Rarity. The higher the rarity, the more REVs they receive.
Rewards for Staking will be distributed at the end of each week.
Players can choose to withdraw a Staked NFT at any time. When an owner withdraws their NFT, the ownership is automatically transferred from F1® Delta Time back to the owner.
We will continue to release updates and information about our Staking mechanism, including how payouts will scale and general information about REV distribution.
Staking is a new way to leverage blockchain for games, and allows us to deliver greater value to owners of F1® Delta Time collectibles.
The F1 FORMULA 1 logo, F1 logo, FORMULA 1, F1, FIA FORMULA ONE WORLD CHAMPIONSHIP, GRAND PRIX and related marks are trade marks of Formula One Licensing BV, a Formula 1 company. All rights reserved.
Follow F1® Delta Time:
And visit us at: https://www.f1deltatime.com/